XL Telecom sets up solar power plant in Spain

Hyderabad: XL Telecom and Energy, engaged in non-conventional energy power generation, has set up a 1.6-Mw solar power plant in Spain at a cost of euro 9.5 million (about Rs 62.7 crore).

XL stated that it has signed a power purchase agreement for 25 years with a Spanish utility company for sale of energy generated by the plant. The project is expected to post revenues to the tune of euro 19 million in the initial phase.

The Hyderbad-based company is setting up a 120-Mw solar cell manufacturing unit at a cost of Rs 360 crore in a special economic zone here.

It has planned to establish a series of solar power plants generating about 300 Mw in Europe over a period of next three years. The Spain unit is the first in the series and it is now looking for opportunities in Italy and France.

Saptashva, a wholly-owned subsidiary of XL, is in the process of establishing the proposed solar farms and emerge as a leading player in the global non-conventional energy market, XL’s managing director, Dinesh Kumar, stated in a press release.